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india's financial capital, and the strings go straight back to afghanistan and pakistan. that's coming up. [ male announcer ] at nissan, we test the altima's durability on a track that simulates the world's toughest roads. ♪ [ tires screeching ] ♪ if it can survive this drive... ♪ it can survive yours. the nissan altima. innovation that lasts. innovation for all. ♪ there's another way to minimize litter box odor: purina tidy cats. tidy cats premium line of litters now works harder to help neutralize odors in multiple-cat homes. and our improved formula also helps eliminate dust. so it's easier than ever to keep your house smelling just the way you want it. purina tidy cats. keep your home smelling like home. >>> well, flash point in india, tensions rising syria as well, 21 dead, 100 blood yesterday after a coordinated attack in mumbai. a mass set of confusion this hour to who's to blame. police looking into the indian mujahedeen. also a suspicion on militant grew ups that led a sewage in '08. today three blasts hit during the rush hour, just days after the seven-year anniversar
the coordinated bomb blasts in india's financial capital. >> ifill: political editor david chalian takes us inside president obama's record- breaking 2012 money haul. >> woodruff: paul solman reports on an ohio company that guarantees its workers jobs even during a recession. >> a vast, century old lincoln electric in the heart of the rust belt, workers average $28 an hour and yet there hasn't been a layoff here in at least 70 years. >> ifill: and we check in on how the pentagon is repealing its "don't ask, don't tell" policy starting with the acceptance of gay recruits. that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> i mean, where would we be without small businesses? >> we need small businesses. >> they're the ones that help drive growth. >> like electricians, mechanics, carpenters. >> they strengthen our communities. >> every year, chevron spends billions with small businesses. that goes right to the heart of local communities, providing jobs, keeping people at work. they depend on us. >> the economy depends on them. >> and we depend on them
month what india takes in every year and still, it only grows two percentage points faster than india. in other words, if you think about the quality of chinese growth, it's not as impressive as it appears. it is massive investment, a huge number of airports, eight- lane highways, a high-speed rail that's being built and if you look at what you are getting out of it in terms of the return on investment it is not as impressive. the un just came out with a report indicating that china is going to have a demographic collapse over the next 25 years. it is going to lose 400 million people. there is no point in human history in which you have had a dominant power in the world that is also declining demographically. it simply doesn't happen. and if you want to look at what a country in demographic decline looks like, look at japan and ask yourself how powerful it is. even if china were the largest economy in the world, those numbers are all based on something called purchasing power parody, where china's gdp gets inflated because the cost of a haircut in beijing is less than the cost of one
morning, zain. you're following a few tragedies this morning. we've got a train crash in india as well. >> yes. i just want to show you this dramatic video, ali. i was looking at this. twisted wreckage. this is the scene in northern india. what happened was the plane basically jumped off the tracks. 46 people were killed. hundreds of people take trains like this in india all the time and there are about a hundred accidents like this a year. ali? >> zain, we'll keep an eye on that. >>> admiral mike mull season in china. what's going on there? >> these are interesting and pretty significant remarks. he gave a speech at the university there, ali, and he said this. china has arrived as a world power. that's a big deal because everyone in the u.s. said china is rising, china is rising, not quite there yet. he's definitively saying, it is. the focus of a lot of his trip is focused the south china sea. why? because of the territorial fight that goes on between china, philippines, brunei shah, taiwan. they all claim a piece of it because it has potentially huge reserves in oil and gas. why doe
foreign investment every month were india takes it in over -- every year and they only grow 2% faster than india. it is not as impressive as it appears. massive investment, a huge number of airports, highways, high-speed rail. if you look at what you are getting out of it in terms of the return of investment, not as investment. china has a huge problem that they face. the u.n. can out with a report that pointed out that china will have a demographic collapse of the next 25 years. they will lose 400 million people. there is no point in human history in which you have had a dominant power in the world that is also declining demographically. it simply does not happen. if you want to look at what a country in demographic decline looks like, look at japan. how powerful is it? politically, even if china is the largest economy in the world, and those numbers are all based on purchasing power parity where there gdp gets inflated because the cost of a hair cut is less than one in toronto, but your international power does not depend on the price of hair cuts but foreign aid, oil, and international
american support for the financial crisis. greece is working with the european union. she visits india tomorrow, and later indonesia, hong kong, and china. >>> recent bombings in mumbai fueled speculation she would cancel her trip to southeast asia. but she said the u.s. most show solidarity with india. >>> china is criticizing president obama today for his meeting with the dalai lama. he reiterated that the u.s. does not support independence for tibet. china accuses of dalai lama of being a separatist. earlier this year, he stepped down from his political role, and says he is now only the spiritual leader of the tibetens. >>> the country's biggest supermarket chain admits it sold beef from cattle that ate nuclear contaminated feed. the cattle ate straw from are radiation continues to leak from a nuclear plant damaged in the march earthquake and tsunami. the country says it sold the beef at 14 stores in tokyo. >>> california dairy farmers are losing money. production costs have negated some of those gains. in the past two years, california lost 250 independent dairies. many of them fam
, india and china. india and china have over the last five years ranked among the top 40 most improved in terms of easing the regulatory burden they impose on their own business classes. >> they embarked on a program of deregulation but still have a lot left. i suspect they will continue to be on a deregulatory track. >> in 2010 and for the fifth consecutive year the world bank's annual doing business survey, which ranks 1 -- 183 economies found singapore to be the friendlyiest regulatory environment followed by hong kong, new zealand, the united kingdom, then the united states. this fifth place ranking represents a decline for the u.s. which placed third in 2009. trend has seen 85% of the world's economies over the last five years take steps to make it easier for entrepreneurs to operate. last year 61 countries fared better than the u.s. in terms of tack burr >> the regulatory burden that the -- the united states imposes on is business class where do we fall? >> if you had asked me this 10 years ago i would have told you america is the place to start a business. it is not true any mor
. we live in a worldwide economy. the competition is no longer down the block. it's china, india and places like that. just listening to the discussion this morning, listening to the different points of view, you expand the different points of view, put them in a polarized poisonous, toxic atmosphere, congress, and it's governing. we can't govern ourselves. is this country ungovernable? it's the question in our minds and the minds of a lot of young people. where are we going as a nation. they go to washington and behave like clowns. that's a huge, huge problem. >> mike's point is spot on. even pat is saying we have a different philosophy on governing. when obama was elected he made promises. after that, he said he would close guantanamo bay. then he saw the information. after the elections, democrats said we would not extend the bush tax cuts, we did it. with larger deal around don't ask don't tell. i think it's important for politicians and those elected to want to govern and be bigger than the moment. remember, peter asked the most important question at the beginning, the real
property bubble. they take in this foreign investment every month when india takes in every year and still it only grows two percentage points faster than india. if you think about the quality of chinese growth it's not as impressive as it appears. massive investment. a huge number of airports, high speed rail. if you look at what you're getting out have -- of it in terms of return on investment, not as impressive. china has a huge problem. the u.n. came out with a report that pointed out that china is going to have a demographic clams over the next years. it is going to lose 400 million. there is no point in human history in which you've had a dominant power in the world that is also declining demographically. simply doesn't happen. if you want to see what a country in decline looks like look at japan and ask yourself how powerful is it? china's g.d.p. gets inflated because the cost of a haircut in beijing is less than one in toronto. but g.d.p. depends on foreign aid and oil and international investments and aircraft carriers and for all of that you need real hard currency and that adjus
country in the world was india. kyra, 82% of women said they just did not have any time to relax. united kingdom at number 11 and the united states number 12. in this survey they made a distinction between emerging countries and developing countries. what they found out with something like india, for example, as well as the other developing countries, is that women had to juggle work, right? their careers, as well as busy home lives. but they also had to conform to very traditional expectations and traditional standards. so they found in developing countries women had the social infrastructure to allow them to juggle the social support to do but in developing countries not the case. the least stressed out country in the world is, can you guess, kyra? >> no. tell me where! bora bora? tahiti? >> yeah. i wish we could go there. it's actually sweden. are you moving there any time soon? >> i may be doing that now. you and i will be packing our bags. it's a beautiful place, that's for sure. >> it sure is. >> zain, who never stresses us out. thank you. >>> pennsylvania restaurant owner says the
india, brazil and others. and rebalancing our efforts in the world. which is an absolutely critical thing for to us pursue. >> explain what rebalancing means. >> we looked at where the united states footprint was, where the united states face to the world was when we came into office in january 2009 and we asked ourselves where are we underweighted, overweighted, where are we not putting real work into the future. we've been acting on those conclusions. we needed to finish our military work in iraq. we're on track to doing that. by 2011, to have 150,000 troops out of iraq by the end. we saw ourselves as needing more strategic attention and focus in counterterrorism. we did that against al qaeda and associated groups. we really considered ourselves, fareed, underweighted in asia. as we looked at the world, we looked at our interests and the future, we concluded that we did not have the mind share, the diplomatic effort, the resources and presence in asia, given what we had at stake in asia. it wasn't a mistake by the way or an accident that secretary clinton took her first trip to as
deeper relationships with emerging powers like india, brazil and others and rebalancing our efforts in the world, which is absolutely critical thing for us to pursue. >> explain what rebalancing means. >> it means we looked at where the united states footprint was, what the united states face to the world was, when we came in to office in january of 2009. and we asked ourselves, where are we under or over weighted? where we are challenged in to putting real work in to the future. and we came to a set of conclusions and have been acting on those conclusions. we needed to finish the military work and we are on track to do that. to have 150,000 troops out of iraq by the end. we saw ourselves as having, needing more strategic direction, intensity and focus on the counterterrorism area and we did that in terms of intensification against allocate and a associated groups. we considered ourselves underweighted in asia. as we looked at the world and our interest and the future, we concluded that, in fact, we did not have the mind share, the diplomatic effort, the resources and presence in as
. officials fear they may be trapped inside. >>> in india, rescue kooems teams are using dogs to search for bodies and survivors of a train crash over to weekend. >>> casey anthony has received death threats while serving the remaining jail time. she gets out on sunday. her attorney telling savannah guthrie on "today" he is worried about her safety, but she'll be okay. >> would you advise her to leave the country? >> no. this is as much her country as anybody else's. she needs to have some time and counseling and be reintroduced into society. >> well, on friday, casey rejected a jail visit from her mother. he thinks her relationship with her parents is likely beyond repair. >>> the duke and duchess of cambridge have wrapped up their tour in north america. their last stop, they got her hands dirty painting and molding clay in a suit, nonetheless. >>> the astronaut's of nasa's final space flight are busy today stocking the international space station with news, food and equipment. work could be on hold tomorrow. nasa is keeping an eye on a piece of space junk that "atlantis" and the space
by the u.s. census bureau. using its international database, it projects india to be the most populace nation by the year 2050. take a look at this. they are expecting that india will have 1.6 billion people by 2050, that would make china number two, by the way. i'll show you what china is expected to look like. china would be number two, would be holding steady with about 1.3 billion people. where would the u.s. be? the united states, let me show you that, the united states would grow to about 423 million people by 2050. one of the biggest gains will be number four, this one i'm sure is going to surprise you, nigeria, likely to be the fourth most pew pew his country with 402 million people. look at ethiopia, caught my attention, will be, give that to you, will grow to about 278 million people. putting it into the top ten for the first time. now, those are gainers. let's look at losers. biggest loser, russia would drop from number nine right now to number 16, declining birth rates in that country, relatively low life expectancies to blame. it's just 62 years, by the way, life expectanc
train crash in india. at least 67 people were killed and more than 100 hurt. many more bodies are believed to be trapped under the twisted wreckage. the 12 passenger cars derailed in northern india. no official word on a cause but reports say the driver may have slammed on the train's emergency brakes to avoid hitting cattle on the tracks. >> a deadly roller coaster ride may lead to new legislation over theme park safety. investigators are looking at why an iraq war vet who lost both of his legs to a roadside bomb was allowed on a 200 foot ride that led to his death. sergeant james hackermer was thrown from the ride of steel at the darren lakes theme park in new york. now one lawmaker is introducing legislation for more federal authority over theme park safety. there were no rules saying that people who did not have legs could ride that ride. but his family is not blaming the park. >> horrible. under arrest for allegedly trashing the theater where late night host david letterman tapes his show. look at the damage this idiot did to the ed sullivan theater in new york. glass do
are closing in the eradication of older. and he pointed out there are four countries, nigeria, india, pakistan and afghanistan, and the last year for which there is data, of course 2010. and he says it has decreased in nigeria, india and afghanistan, and afghanistan it. they have -- [inaudible] but it increased from 60 some the 144 from 2005-2010. he didn't give reasons our hypotheses why this might be so. let it seems to indicate that there are parts of the country that just are too restless or not under the control of the vaccinations. do you have some insight on that? >> those are absolute numbers. 167, again, besides the population has to be borne in mind. of the four countries you mention, the fastest population growth has been pakistan. and so, therefore, we have more infants that require the polio vaccination. we have a national program for polio eradication. when prime minister took over in 1993, for the second term, it was one of our first priorities and we got it down instantly. right now in the last or years or so, the numbers have spiked a little bit. and they have primarily been i
in new world. it is obvious a lot of cheap products come from abroad whether it is china or india or other places with low-cost labor. the focus on the u.s., it is widely agreed it needs to be on producing skilled workers who need to be able to beat out from around the world. on the repatriation tax holiday issue, the u.s. companies that have expanded overseas now have a lot of money in their overseas accounts. they have made the case to have a tax holiday to bring it back to the u.s. and invest the in u.s. jobs. it is gaining some traction as an idea. one concern is that u.s. companies have quite a bit of cash on their balance sheets at home. they are not using got to go out and create new jobs as much as they could. part of it is they do not see the demand. consumers are not spending as much as they would need to support something like that. there's a lot of cash and use right now. host: what is the rate they are taxed at? guest: the highest tax rates are around 35%. there is discussion of bringing them closer to 25%. the problem is tax rates are spread out so broadly among diff
for. sending jobs to china and india. job say let's protect creators, but there are no jobs. they just keep selling us out and selling us out. host: there is of the work on twitter -- a couple of stories talking about the financial implications of what's going on right now in washington. and a similar story -- let's hear from virginia beach on our independent line, don. caller: good morning. i would like to speak on the last gentleman's comments. i don't understand why people just don't see a the whole system is broken. our political system is broken. all of these congressmen, democrats and republicans, have too many special interests. the lobbyists are the problem. host: you are echoing comments made by -- caller: they talk about our political system in this country as a sham. host: i think we lost him. let's go to a democratic caller in new hampshire, ron. our focus is the balanced budget amendment. is it necessary? caller: i don't believe it is. a matter what kind of numbers you put up there, if we need the money, we're going to print some more. to echo the last couple previous call
at 6:00 with bret baier. rick: a passenger train jumps the tracks in india leaving hundreds trapped in a mountain of twisted steel. we'll have the latest on the desperate rescue effort coming up next. plus like something out of a movie. archeologists in israel uncovering a 3,000-year-old lost city once home to some of the bible's biggest bad guys, goliath as in david and goliath. have you heard of him? we'll have amazing details coming up. rick: here's an eye on some of the stories we're keeping an eye on for you today. international stories. railway workers began clearing a the wreakage of a derailed passenger train in northern india. crews have recovered 68 bodies. at least 239 passengers were injured when the train jumped tracks. >>> the u.k. is lowering its assessment of the threat of a terrorist attack the risk level dropping from severe to substantial. >>> an explosion at a military base in cypress killing 12 people. the blast reportedly caused by confiscated iranian weapons. the government is ruling out sabotage. julie: okay ol exists in southern israel making a major discove
. india is adding 18 million cellphones a month. they are now part of this flat world. i have spent a lot of time following the middle east. we have connected detroit and damascus. now we have connected detroit, damascus, and dara. it is a dusty desert town on the syrian-jordanian border where the revolution began. syria has banned every international news organization. bbc, cnn, fox, "new york times," and al jazeera. yet every night, you have been seeing news footage coming out of dra. if you look at the bottom of your screen, it says is from smn. sham news network. sham is arabic for syria. i would bet the governors in their wallets right now have enough money in their wallets to start sham news network. they have been pumping out video and flip camera footage from dara through sham news network. that is half what the world has become. on october 30, 2010, an indian newspaper ran a small item. i happened to be there at a time. it caught my eye. it said a communications firm had just started had3g service at the summit of mount everest. it will allow thousands of climbers to access highs
connecting boston, bangalore, and another city. india is adding 18 million cellphones a month. they are now part of this flat world. i have spent a lot of time following the middle east. we have connected detroit and damascus. now we have connected detroit, damascus, and dara. it is a dusty desert town on the syrian-jordanian border where the revolution began. syria has banned every international news organization. bbc, cnn, fox, "new york times," and al jazeera. yet every night, you have been seeing news footage coming out of dra. if you look at the bottom of your screen, it says is from smn. sham news network. sham is arabic for syria. i would bet the governors in their wallets right now have enough money in their wallets to start sham news network. they have been pumping out video and flip camera footage from dara through sham news network. that is half what the world has become. on october 30, 2010, an indian newspaper ran a small item. i happened to be there at a time. it caught my eye. it said a communications firm had just started had3g service at the summit of mount everest. it will
. that will take secretary clinton to greece, then to india, indonesia, and china over the next 12 days. >>> the president is pushing the pause button on the debt debate. just 19 days remain until the u.s. hits the debt ceiling and triggers at least a partial default. president obama scheduled the address -- is scheduled to address the nation at 11:00 a.m. eastern and we'll cover that live. >> no negotiations planned today after five meetings in five days leaders have been told to talk to their colleagues and figure out how to move the process forward. the president is prepared to reconvene the debt talks on saturday. >>> while nobody is sounding very optimistic about a deal, there is a possible compromise in the works. >> the senate's two top leaders, democrat harry reid and republican mitch mcconnell are working on a fallback plan, the compromised deal that would give the president enhanced authority to raise the debt limit with procedures attached that could lead to spending cuts. >> we don't have it worked out yet, but it's something that we're looking to. hopefully we can come up w
differences. regional differences in pakistan. plus, this overwhelming obsession with india. so, pakistan is in trouble largely, not entirely, but largely because of its own position. >> dr. brzezinski, good morning, it's willie. i want to turn to china if we could. the problems we have are well documents. their economy will surpass the united states by 2016. there's a report in the new york times that reports in the seven years it will take new york city to build the second avenue subway line, china will have built an entire subway system. we know about the problems. we hear about it all the time. why is that? we have the workers. we have the resources. why is it that we can't keep pace? is it our political system that slows it down? >> i think the political system is in a gridlock. it's a fact. a comprehensive study. it shows congressional seats how it's overwhelming percentage of safe seats so congressman come back, come back, come back. they are entrenched. they don't have incentive to change, to move on with the times, to compromise. we have a large public that is ignorant about worl
they are in the range of 2.5, whereas merging markets are more in the range of 6.5, some of them such as india and china getting higher marks, so we are facing a turnaround which is very uneven with country's leading the charge and not those that were historic leading the charge and others advanced economies that are lagging behind in a way given the status of development. in the midst of that, we have clearly the two categories different issues to address but if we are to provide service and guidance, advice and recommendations and if and when necessary and if asked support. those are on the one hand the issues of sovereign debt and concerns all advanced economies ranging from japan to the united states, but clearly with a focus as you write about it as we know with a focus on the year autozone and in particular a country such as greece. on the other hand, when we look at emerging markets we have in some corners the risk of overheating, and we obviously have the risk of inflation as well, and sometimes particularly in the low-income countries the risk of imported completion that results from a high pri
and they are going to do it at a lower cost. we have to compete with india, china, japan and indonesia and viet na -- vietnam. if we don't, other businesses will compete abroad. a lot of those jobs that those positions were held by african americans. we need to retool the american work force and let me tell you why there are numbers that are disproportionate with african americans. i don't want people doing what they did in the last 400 years. they say because they don't want to work and we have heard that unfortunately over the years. the only reason we know what the numbers are are because those are the individuals who are out seeking work and that's how we know that the unemployment numbers are what theyr but keep in mind, nobody probably thinks about this, every time you read about a state laying off workers , a municipality laying off firefighters or police officers or if you find any government agency laying off, it means that the number of african americans who are unemployed will rise and the reason for that is african americans disproportionately seek work in the government. we have done
business. our capital can go anywhere in the world, india, china, vietnam, canada, mexico. it can go anywhere. and when you start raising taxes on our job creators and you scratch your head and wonder why they are leaving, it is pretty obvious. we see it in a smammer level in our states where we see more regulation and more taxes in our states like california. all of a sudden, businesses pack up and go to another state that has better rules and regulations and taxes. that happens on a broader scale right here in america. you raise the cost of business, you kill jobs in america. in the end, does it hurt these businesses? no. the people that are hurt are our constituents, our families, our people in our districts that are yes or noing for opportunities, yes or no -- yearning for a job. >> war will it take -- mr. griffin: what will it take tore folks to wobbeder why businesses are leaving the country. they want to point the finger to someone else, some third party, some external cause. maybe we should think about the fact that the policies adopted by the federal government have an impac
produced in india. all the illustrations were electronically created in thailand. and all the books were printed overseas. and the client that in these books were for work four american taxpayers children who go to school every day -- kindergarten through the sixth grade -- for american taxpayers's children go to school. the congress and the senate and they get up there and are so pompous about everything. they outsource all of these american jobs. it is disgraceful what they have done to this country. host: trade agreements are on the table this week in discussion on capitol hill with the house smoke ways and means committee taking a look at three agreements for south korea, colombia, and panama. this is "the wall street journal" this morning with a piece about a program attached to the free trade agreement -- trade assistance administration program. it says -- the story continues inside "the wall street journal." elizabeth williamson reports about how much this costs. we will go to mary who has a job in houston, texas. your thoughts. caller: first of all, where does the president think
deadly they can be, the worst incident took place in november of 1996, over the skies of india, a saudi 747 hit a cargo plane, and 349 people lost their lives. again, miraculously, this crash, no one injured. heather. heather: david lee miller, thank you very much. bill: buy a lottery ticket after that one, don't you. >>> fox news alert, republicans seem to be changing their tune slightly and directing it right at president obama. we just heard from the house speaker john boehner moments ago, saying that the debt limit is his problem, a rather stark statement. also on the senate side, mitch mcconnell said that after years of discussions and months of negotiations, i have little question that as long as this president is in the oval office, a real solution is probably unattainable. now, we're working on both statements, and we'll bring that to you in a moment. first, though, we have the speaker boehner comment from a moment ago. if we have that in a moment, we'll play that in a moment. in the meantime, kirsten powers, rich lowry, rich is editor of the national review and kirsten is a new
midair collision took place in november of 1996 in india when a saudi 747 hit a cargo plane killing 349 people. what happened sunday afternoon in alaska, greg is also one for the record books, again incredibly nobody was hurt. greg: astonishing. david lee miller, david thank you. patti ann: america's new so-called super citizens have more rights than the rest of us. we'll tell you how the children of diplomats from other countries are being granted full u.s. citizenship, plus diplomatic immunity. also some shocking secret jailhouse video showing casey anthony's reaction when she learns her daughter's caylee's body has been found. will the public finally get to see it? let's go right now to julie banderas at the.com wall. you're tracking the choices for the must-see moment of the day. >> reporter: that's right the hot tape and we've got three of them. you get to decide which one of the stories you want to to learn more about it. let's take a look at the wall and we will he'll show you on foxnews.com. we have a toddler who tell ten stories finally waking out of a coma. we'll tell but that
china, india, other economic rivals. >> we're rebuilding those countries when our airports are dated and roads are crumbling and bridges are in need of repair. you're in this country. >> just the conversation. >> china can build hundreds and hundreds of miles of high speed rail, we can't build a line from tampa to orlando? i'm telling you, our infrastructure is crumbling, our schools, our education system, k through 12 not improving the way it needs to improve. you want to talk about security. >> right. >> our battle is not going to deal with missiles and jets over the next century, it's keeping up with china. >> we'll talk about this much more tomorrow with former national security adviser dr. b brzezinski. [ barks ] ♪ [ cat meows ] ♪ [ whistles ] ♪ [ cat meows ] ♪ [ ting! ] [ male announcer ] travelers can help you protect the things you care about and save money with multi-policy discounts. are you getting the coverage you need and the discounts you deserve? for an agent or quote, call 800-my-coverage or visit travelers.com. >> ( rooster crows ) >> by 2020, 50 billion netw
or will the leadership pass to china or india or to some other place? this is the great issue confronting the people of the united states, and it's the great issue confronting us here in congress as well. let's get our fiscal house in order. thank you, mr. speaker, and i yield back the balance of my time. the speaker pro tempore: the gentleman from new jersey yields back the balance of his time. the chair recognizes the gentleman from illinois, mr. quigley, for five minutes. mr. quigley: thank you, mr. speaker. mr. speaker, an american president once wrote a letter to the senate majority leader urging him to raise the debt ceiling. the president wrote, "the consequences of a serious prospect of default for the united states is impossible to predict and awesome to contemplate. denegation of the full credit of the united states would have substantial impact on the domestic financial markets and on the value of the dollar in exchange markets." that president's name was ronald reagan and the year was 1983. he closes under the senate majority leader howard baker saying, the risks, the costs, the incalcul
of the constitution that will result to the states india, she should be able to make that claim, and so we told the supreme court take this case even though we lost, so they took the case and in the appointed a private lawyer to argue with the government would have argued in terms of her not having a legal standing, the right to bring the case and then after hearing the oral arguments they wrote an opinion that said that that private lawyer wasn't right for their service, vice versa, but at the end of the day after hearing the argument. >> think about the prosecutor in the perry mason series that he confessed error. there would be no novels, no nothing. [laughter] >> sometimes the courts and the car in the tory area and follow the latter in the supreme court issued but not the spirit, and one of my favorites was in the plaintiffs' court in texas they have some good places to make a living and the court had said the highlight line for punitive damage is $9 of the punitive for every 1 dollar a factual or compensatory damages. so a person who never earned more than maybe a thousand dollars a year
are more in the range of 6.5%, some of them, such as india and china, hitting much higher marks. we are facing a turnaround which is very uneven, with countries leading the charge and not those that were historically leading the charge, and others, advanced economies that are lagging behind in a way, given their status of development. in the midst of that, we have clearly in each of those two categories different issues to address, and where clearly the fund can provide service, can provide guidance, can provide advice and recommendations, and if and when necessary, and if asked, obviously support. those two categories are, on the one hand, the issues of sovereign debt. and that concerns all advanced economies, ranging from japan to the united states, but clearly with a focus, as you write about it, as we know, with a focus on the euro zone and in particular on countries such as greece. on the other hand, when we look at the emerging markets, we have in some corners the risk of overheating, and we obviously have the risk of inflation as well. and sometimes, particularly in the low-i
of those tax cuts in china or in india or job creation in many other places other than here. and the balance part of this amendment requires the passage of a balanced budget constitutional amendment that would require a supermajority to raise any new revenue or close any wasteful tax loopholes. so in other words, you don't have to have a supermajority to decide where and what you're going to wind up spending but you have to have a supermajority in order to raise any revenue or close an egregious tax loophole. one that may have no economic purpose, may be completely outdated, may be a sweetheart deal that got into the tax code over o the course of the years, but you still have to get a supermajority to get rid of that. everybody here knows how hard it is to get 60 votes. a lot of the business in the united states senate has been caught up by the eternal filibuster. every single nomination, every single small piece of legislation that comes to the floor of the senate, everything requires a motion to proceed which requires 60 votes, which is effectively a filibuster each time.
in the range of 6.5, some of them such as india and china getting higher marks, so we are facing a turnaround which is very uneven with country's leading the charge and not those that were historic leading the charge and others advanced economies that are lagging behind in a way given the status of development. in the midst of that, we have clearly the two categories different issues to address but if we are to provide service and guidance, advice and recommendations and if and when necessary and if asked support. those are on the one hand the issues of sovereign debt and concerns all advanced economies ranging from japan to the united states, but clearly with a focus as you write about it as we know with a focus on the year autozone and in particular a country such as greece. on the other hand, when we look at emerging markets we have in some corners the risk of overheating, and we obviously have the risk of inflation as well, and sometimes particularly in the low-income countries the risk of imported completion that results from a high prices of commodities and including commodities obvious
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